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IFRS guidelines
IFRSs Gives the guideline on the content and the accounting statements of certain events and transactions in the financial statements. The following IFRSs are relevant for the purpose of preparing published financial statements;IAS 01: Presentation of Financial StatementsIAS 07: Cashflow statementsIAS 08: Accounting policies, changes in accounting estimates and errorsIAS 10: Events after the balance sheet date (not examined)IAS 12: Income TaxIFRS 5: Non-current assets held for sale and discontinued operations. (Not examined)
Q.2 Explain different methods of costing. Your answer should be studded with examples (preferably firm name and product) for each method of costing.
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A. Material Sampling -Analyzing Direct Material Costs You are reviewing a cost proposal, which includes an $800,200 direct material estimate. After Initial examination of the pr
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